Pennsylvania SB 323: An Act amending Title 64 (Public Authorities and Quasi-Public Corporations) of the Pennsylvania Consolidated Statutes, in economic development financing, providing for Keystone National Finance Authority.

Bill Text

PRIOR PRINTER'S NO. 254 PRINTER'S NO. 1620
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No. 323
Session of
2025
INTRODUCED BY ARGALL, STREET, PENNYCUICK, KANE, MILLER, COSTA
AND PICOZZI, FEBRUARY 26, 2025
SENATOR MARTIN, APPROPRIATIONS, RE-REPORTED AS AMENDED,
APRIL 20, 2026
AN ACT
Amending Title 64 (Public Authorities and Quasi-Public
Corporations) of the Pennsylvania Consolidated Statutes, in
economic development financing, providing for Keystone
National Finance Authority.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Part II of Title 64 of the Pennsylvania
Consolidated Statutes is amended by adding a chapter to read:
CHAPTER 17
KEYSTONE NATIONAL FINANCE AUTHORITY
Subchapter
A. General Provisions
B. Structure and Powers
C. Bonds
SUBCHAPTER A
GENERAL PROVISIONS
Sec.
1701. Scope of chapter.
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1702. Findings and declaration of policy.
1703. Definitions.
§ 1701. Scope of chapter.
This chapter relates to the Keystone National Finance
Authority.
§ 1702. Findings and declaration of policy.
The General Assembly finds and declares as follows:
(1) Activities which lead to the creation and retention
of jobs in this Commonwealth and throughout the United
States, the establishment of economically viable communities,
the reuse of abandoned industrial, commercial and other
previously utilized sites and the investment of private
capital in enterprises improve the health, safety and general
welfare of the people of this Commonwealth and the United
States by increasing employment, revitalizing communities by
reducing, eliminating and preventing blight and providing a
source of additional revenue to the Commonwealth.
(2) Many existing industrial, commercial and other
economic activities throughout this Commonwealth and the
United States could become more competitive and could expand
more rapidly if additional means of financing were available.
Additional activities could be attracted to this Commonwealth
and other states if additional means of financing were
available to acquire, construct, rehabilitate and expand
facilities. Financing for cost-saving activities related to
buildings, plants, machinery and equipment and other
facilities would further the purposes specified under this
paragraph.
(3) A minimum level of unemployment and a maximum level
of business opportunity can best be provided by the
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promotion, attraction, stimulation, rehabilitation and
revitalization of industrial, commercial, technological,
tourist, agricultural and other economic activities in this
Commonwealth and throughout the United States.
(4) Industrial, commercial and residential facilities
should be promoted by the financing of the facilities which
will eliminate blight or otherwise improve an area for
industrial, commercial or other economic activity.
(5) Housing and affordable housing are scarce in many
areas of the nation and could be advanced by mixed-use and
transit-oriented development. Transit expansion, including
passenger rail expansion, throughout the nation will create
opportunities for the growth of adjacent commercial,
residential and mixed-use development in nearby communities.
(6) To further encourage economic development and
efficiency within this Commonwealth and the United States by
providing basic services and facilities, it is necessary to
provide additional or alternative means of financing
infrastructure facilities, transportation systems, industrial
parks, energy conversion facilities, facilities for the
furnishing of energy, water and telecommunications,
facilities for the collection or treatment of wastewater and
storm water, tourism, parking facilities, health care
facilities and other basic service and related facilities
which are conducive to economic activity within this
Commonwealth and the United States and which are consistent
with the purposes of this chapter.
(7) It is the policy of this Commonwealth to promote the
health, safety, employment, business opportunities, economic
activity and general welfare of the people by establishing an
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authority to exist and operate as a public instrumentality of
the Commonwealth, which is not intended to compete with any
Commonwealth agency or any other authority created under the
laws of this Commonwealth.
§ 1703. Definitions.
The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Administrator." The person contracted by the authority
under section 1713(a)(10) (relating to powers) to operate the
authority, which person or the leadership of the person shall be
a registered municipal advisor that has significant experience
operating a governmental entity or authority that